The final closing entry to be journalized is typically the entry that closes the
A) revenue accounts.
B) owner's drawing account.
C) owner's capital account.
D) expense accounts.

Question

Quizplus · Accepted Answer

The final closing entry typically involves closing the owner's drawing account to the owner's capital account to update the capital balance for withdrawals made during the period.

The Final Closing Entry to Be Journalized Is Typically the Entry